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Technip targets $14B revenue in 2019

Energy services provider TechnipFMC PLC said Dec. 12 that it is targeting revenue of nearly $14 billion in 2019.

The company's 2019 guidance outlines revenue of $5.4 billion to $5.7 billion from subsea, $5.7 billion to $6 billion from onshore and offshore, and $1.7 billion to $1.8 billion from surface technologies.

The U.K. based company expects cash flow from operating activities to be positive and plans to spend $400 million for its capital expenditures in 2017.

Technip expects a corporate expense of $160 million to $170 million, excluding the impact of foreign currency fluctuations.

Net interest expense is estimated at $40million to $60 million for the full year, excluding the impact of revaluating partners' redeemable financial liability.

The company further projects cost synergies amounting to $450 million in total savings, while forecasting a tax rate of 28% to 32%, excluding the impact of discrete items.

For merger integration and restructuring costs, Technip expects to spend about $50 million.

For the third quarter, the company reported a net income of $136.9 million, up 13.1% from $121 million for the same period in 2017.